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Birthday : 12/14/1955
Place of birth : New York (New York) - United States
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Biography : John Paulson is the boss of the investment fund Paulson & Co. founded in 1995. It’s thanks to...

Citi to redeem $500 million from John Paulson's Advantage funds

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08/23/2012 | 12:59pm EST
President and Portfolio Manager of Paulson & Co. Paulson speaks during the Sohn Investment Conference in New York

NEW YORK (Reuters) - Citi Private Bank will redeem $500 million from hedge fund manager John Paulson's flagship Advantage funds, according to a person familiar with the decision.

Citi put the Paulson hedge funds on a watch list earlier in 2012.

Armel Leslie, a spokesman for Paulson & Co, declined to comment on the withdrawal.

Citi announced the decision to pull capital from Paulson's Advantage funds, which have been struggling to produce gains so far this year, on conference call on Thursday morning, according to the source.

Paulson's Advantage Plus fund, the more leveraged version of the Advantage fund, lost roughly 50 percent in 2011 and has extended its poor performance so far this year.

(Reporting By Katya Wachtel)

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -1.73% 78.42 Delayed Quote.-1.84%
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